Draft Legislative Instrument for Provisional Relevant Provider Term
Provisional Relevant Provider Term Draft Legislative Instrument
This consultation process has now been completed
16/11/2018 – 30/11/2018
Section 921U(2)(a)(v) of the Corporations Act 2001 requires FASEA, by legislative instrument, to specify a word or expression to refer to a provisional relevant provider.
The term has been developed for consumers to identify a provisional relevant provider undergoing their work and training (professional year) requirement from a qualified relevant provider and was determined with guidance from industry following consultation in July and August 2018.
As such FASEA has proposed the final expressions to be used for a Provisional Relevant Provider as “Provisional Financial Adviser” or “Provisional Financial Planner”, which may be used interchangeably.
Draft Legislative Instrument
FASEA released Consultation Paper 4: Provisional Relevant Provider Term on 22 July 2018 inviting submissions by 17 August 2018 on the guidance contained in the paper and particularly the proposed term “Provisional Relevant Adviser”.
During the submission period FASEA consulted with key stakeholders representing industry associations, individual financial advisers, financial advice licensees, education providers and consumer representatives including facilitating consultation forums with representatives from key stakeholder groups.
A total of 14 formal submissions were received for this standard. All feedback and submissions received due consideration by FASEA in finalising the standard.
The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.